Richard Pieris Finance Limited, a fully owned subsidiary of the Richard Pieris Group, delivered solid financial performance for the Financial Year 2021/22, amid a challenging economic backdrop.
Richard Pieris Finance’s profit before taxes (PBT) rose by 283% to Rs. 444 mn, compared to the previous year. The company also saw revenue grow by 16% to Rs. 2,441 mn. The Company’s deposit base and asset base too grew during the year to Rs. 9,910 mn and Rs. 17,927 mn.
CEO at Richard Pieris Finance, Lohika Fonseka said, “We are pleased to inform all our stakeholders that the management of Richard Pieris Finance Limited has successfully guided the Company through some of the most challenging times our nation has ever faced. We intend continuing this trajectory, building on our achievements.
“The company has introduced several new products including pawning to expand our portfolio. Taking our plans to fruition, we have upgraded three outlets as full-fledged branches during 2021/22 to provide a better service to our valuable customers.
“During the year, Richard Pieris Group infused Rs. 280 mn in equity capital for strengthening the company’s Tier-1 capital base and the company successfully concluded a debt capital infusion of Rs. 1 bn to improve the Tier-2 capital base, which positioned the company well above its peers in terms of capital adequacy.
“While maintaining stability and resilience, we look forward to continuing our business expansion as we pivot and position to tackle the challenges ahead, while always focusing on customer convenience,” he said.
Underscoring the stability and strength of Richard Pieris Finance Limited, the Company has been assessed with the coveted AA- )from Fitch Ratings Lanka Limited.
The Company appointed Kithsiri Wanigasekara as the Chairman, a veteran in the financial services industry, and Shantha Wijeweera, Kithsiri Wijeyaratne, Asoka Keppetipola and Kelum Senanayake to guide and support the corporate management team, to navigate the present turbulent economic environment skilfully and effectively.
Richard Pieris Finance Limited provides Sri Lankans with a full-range of financial products and services including fixed deposits, savings, leasing, Islamic finance, business loans, personal loans, pawning, furniture financing and digital finance solutions.
A melting pot of talent, home to a workforce of over 27,000 people, Richard Pieris and Company PLC is one of the largest employers in Sri Lanka’s private sector.